Joshua Frick, President of Kiddie Academy Educational Child Care.
Running a business is a bit like owning a car. As in business, all of the parts and systems of a car work together to bring us to our intended destinations. Once you reach a certain mileage, you take your vehicle to the shop for regular maintenance to keep it in top shape. Likewise, corporate milestones are a key time outside of a typical annual or quarterly cadence to check in and evaluate how you’ve gotten here and where you’re going.
The company where I serve as president, Kiddie Academy, just opened its 350th franchise location. While we’re always attuned to our annual business goals and constantly evaluating key performance indicators, we like to use milestones such as this to check in on our brand vision and what we’re doing to stay ahead of the curve.
As your organization reaches monumental moments, you should look at four key areas that affect future growth potential: scalability, technology and innovation, economic climate and customer engagement. Here are some questions to consider:
Are you scaling your growth at the right pace and in the right space?
Scalability requires a business model that can be replicated strategically while maintaining quality and consistency that is true to your brand. Family-owned companies have a distinctly different model from private equity-owned organizations, which focus on rapid growth over a short period. If you grow too quickly, you risk a decline in quality and lose the ability to strategically move into spaces that are the right fit.
However your business is growing, it’s important that the quality of your products and services remains consistent. Make sure you’re developing your brand and its reputation to demonstrate the value of your deliverables. Then find ways to remove friction to provide a seamless customer experience. Growth milestones give you the opportunity to ensure that the services you’re offering are something your brand can stand behind as you continue to expand.
Consumers’ needs are constantly changing, so market research helps you make data-driven decisions when identifying the best places for expansion. Make it a priority to invest in research as you achieve milestones, which will help inform the path forward. If your staffing model requires specialization, market research can also help you understand the current state of the industry for the professionals you employ. Recruiting and nurturing top talent, while also being aware of your team’s needs, will lead your brand to success.
Are you on the cutting edge of technology and innovation, and do you know where to go next?
With technology changing at breakneck speeds, staying abreast of the latest trends and advancements is a constant effort. Achieving a corporate milestone provides an opportunity to pause and re-evaluate the technology you are currently using and what technology you might need as you continue to grow and scale. Perhaps a customer relationship management system or learning management system wasn’t necessary in your last stage of growth, but reaching a new level has opened a door for the implementation of new technology. At every growth milestone, you’ll want to decide how to leverage current digital tools for scaling operations, enhancing customer engagement and providing training to operate efficiently and maintain a seamless experience across your brand.
Likely, your corporate milestone has put you in a position to increase your technology budget to help scale and grow your business. Consider using additional funds to strengthen your online presence through digital marketing, implement new software or invest in AI-driven customer engagement tools. Be sure to always look for new ways to innovate that meet the evolving needs of your customers.
What is the current economic climate, and what do future forecasts indicate?
We live in a constantly changing political and economic landscape. The conditions that existed when a particular goal was set may no longer be relevant as your company progresses through different stages of growth. The same goes for predicting what’s to come—if things seem particularly volatile at this moment in time, make sure you evaluate forecasting models and reassess and realign your company’s planned expansion strategies as needed.
It’s important to remain resilient and agile in the face of change, therefore, it’s also crucial to consistently assess the potential impact of external factors on your business. This includes staying informed about shifts in regulations, policies and supply chain dynamics, as well as any other developments that could reveal vulnerabilities that could impact your business model. Using mid-year corporate milestones as an opportunity to tune in to what’s going on in the world enables you to proactively explore alternative strategies and pivot as needed. Furthermore, you can take action to mitigate any negative impacts and position your business for continued success.
How do you enhance customer experience and engagement with your brand as it grows?
To remain at the forefront of your industry, it’s crucial to refine your approach based on customer feedback, emerging trends and evolving social and environmental challenges. Actively seeking and incorporating customer feedback through surveys, social media listening and/or focus groups allows you to tailor your offerings to meet consumer expectations.
Strengthening your commitment to corporate social responsibility (CSR) is a way to authentically connect to your customers. CSR efforts can and should be evaluated at key moments, especially in light of current events. Look for ways to strengthen your commitment to social responsibility by supporting causes that align with your brand and your customers. These types of efforts can create a positive impact in local communities while reinforcing brand loyalty.
Growth occurs with resilience, adaptability, innovation and strategic foresight. Reaching corporate milestones like winning an industry award, hitting a revenue goal or opening a new location offers chances for mid-cycle reflection on these growth metrics. These milestones also provide the opportunity for business shifts that can benefit your organization in the long term.
Just as keeping your car tuned up will take you far, refining your business strategies will fuel ongoing growth and success.
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